MOL published its Exploration and Development Update

MOL hereby informs capital market participants that today it published an overview of its exploration and production portfolio, the key achievements of 2007 and main projects of the company, which provides a good basis for organic growth in the next years in the upstream business.

In Hungary MOL’s main goal is to maintain the optimal production level keeping the top-European profitability. To achieve it MOL started strong field development to put into operation its existing reserves and parallel carries out intensive exploration to discover new reserves. MOL intends to start new EOR/EGR projects and participates in unconventional gas exploration opportunities, as a first step together with ExxonMobil.

In the international arena MOL continues the development of its acquired Russian assets and the already discovered Pakistani reserves and started to develop a stronger, balanced portfolio with significant upside opportunities at appropriate geologic and technical risk level.

From 2008, MOL will also publish its P1+2 reserves according to SPE, which, in the opinion of the company, provides a more realistic view of the company’s reserves position.

MOL’s 31. December 2007. preliminary SEC gross proved reserves were 255.4 MMboe (without 25% of INA d.d. reserves, which will be available later, after INA’s official publication), reflecting also a reduction of 15.8 MMboe in respect of the reserves of the Szőreg-1 field, sold during 2007 to be converted into an Underground Gas Storage facility. Preliminary SPE P1 figures are higher at 277.2 MMboe, while preliminary SPE P1+2 figures are at 340.6 MMboe. (MOL’s 2006 year-end Hungarian and International SEC gross proved reserves were 266,3 MMboe, but our reserves data contained MOL’s entitlement to 25% of INA d.d.’s reserves (65,3 MMboe) also.)

The reserves estimates at this stage are considered to be as preliminary, subject to the final decisions of MOL’s internal Reserves Assessment Committee. Final date, which will contain the proportionate INA reserves will be published in the company’s 2007 Annual Report.